Data integration measures are set to play an important role in the development of financial service organizations in the coming years, research has suggested.
According to a study, which was commissioned by Asset Control, companies are planning to up their spend in this area from $1.76 billion this year to just under $2 billion by 2012.
Phil Lynch, president and chief executive officer at Asset Control, explained that firms needed to ensure they implemented best practices in order to overcome any challenges which arose because of data integration.
Mr Lynch recommended that businesses forge strong ties with users and set up realistic service expectations.
"Data integration should be part of a firm's decision making and analysis at the start of the project to minimize the substantial cost of integration," he added.
Earlier this year, information technology research and advisory company Gartner revealed that businesses were looking to upgrade and improve their IT systems during 2010.
The body claims that spending in the sector is set to grow by 5.3 per cent this year, with organizations predicted to part with $3.4 trillion.
Posted by Paul Newman